比特币国库策略正在恢复僵尸公司

越来越多的上市公司陷入困境 - 技术上的溶剂，但战略性停滞。增长蒸发了。

A growing number of public companies are stuck in limbo—technically solvent, but strategically stalled. Growth has evaporated. Stock prices have languished. Reinvestment opportunities are unclear or underwhelming. These companies aren’t broken—they’re just drifting.

越来越多的上市公司陷入困境 - 技术上的溶剂，但战略性停滞。增长蒸发了。股票价格陷入了困境。重新投资的机会不清楚或势不可挡。这些公司并没有破坏，他们只是在漂移。

They’ve become what markets call zombie companies: firms that generate enough to survive, but not enough to excite. And in today’s capital environment, stagnation is no longer neutral—it’s dangerous.

它们已成为市场所说的僵尸公司：产生足够生存但不足以激发的公司。在当今的资本环境中，停滞不再是中立的，这很危险。

This is where a Bitcoin treasury strategy comes in.

这是比特币国库策略的出现的地方。

What Is a Bitcoin Treasury Strategy—and What Problem Does It Solve?

什么是比特币国库策略？它解决了什么问题？

At its core, a Bitcoin treasury strategy means converting a portion of idle corporate cash into Bitcoin and treating it as a long-term treasury reserve asset. It’s not a product pivot or a marketing stunt. It’s a capital strategy.

比特币国库策略以其核心意味着将一部分闲置的公司现金转换为比特币，并将其视为长期财政储备资产。这不是产品枢轴或营销特技。这是一种资本策略。

The problem it solves is simple but deadly:

它解决的问题很简单，但致命：

A Bitcoin treasury strategy is designed to reverse that trend—by reframing cash as conviction.

比特币国库策略旨在扭转这种趋势，以将现金定义为信念。

Two Distinct Approaches to a Bitcoin Treasury Strategy

比特币国库策略的两种不同的方法

There’s no one-size-fits-all approach to building a Bitcoin treasury. Instead, companies tend to pursue one of two broad strategic paths:

没有一种适合所有尺寸的方法来建造比特币财政部。相反，公司倾向于采取两种广泛的战略途径之一：

1. Defensive AllocationCompanies like Tesla and Block have allocated a portion of their reserves to Bitcoin as a hedge against fiat debasement. It’s a form of monetary insulation—protecting cash from erosion while signaling awareness of inflation’s long-term effects. These companies aren’t changing their business models, but they are acknowledging that holding cash in today’s environment means silently bleeding purchasing power. This strategy helps improve the hurdle rate, enhances reserve productivity, and sends a forward-looking message to investors.

1。Tesla和Block等防御性分配程序已将其一部分储量分配给了比特币，以作为反对菲亚特贬低的对冲。这是一种货币绝缘的形式 - 从侵蚀中保护现金，同时发出对通货膨胀长期影响的意识。这些公司没有改变其业务模式，但他们承认在当今的环境中持有现金意味着默默地流血购买力。该策略有助于提高障碍率，提高储备生产率，并向投资者发送前瞻性信息。

2. Offensive Accumulation and SecuritizationStrategy (formerly MicroStrategy), Semler Scientific, and Metaplanet have adopted a more aggressive model. Rather than passively holding Bitcoin, they’ve turned their balance sheets into capital engines—securitizing their Bitcoin holdings through equity and debt issuance to fuel further accumulation. Their goal is to maximize BTC per share, enhance BTC yield, and create shareholder value through financial engineering that compounds exposure. These companies are rewriting the treasury playbook, showing that Bitcoin isn’t just a store of value—it can be a strategic accelerant.

2。进攻积累和证券化策略（以前为MicroStrategy），Semler Scientific和Metaplanet采用了更具侵略性的模型。他们没有被动地持有比特币，而是将资产负债表变成了资本发动机 - 通过公平和债务发行以促进进一步的积累来确定其比特币持有。他们的目标是通过加剧敞口的金融工程来最大化BTC每股BTC，提高BTC收益率并创造股东价值。这些公司正在重写《财政部》剧本，这表明比特币不仅是价值的商店，而且可以是一种战略加速。

Why Bitcoin—and Not Gold, Equities, or Cash?

为什么比特币 - 不和黄金，股票或现金？

Bitcoin isn’t just another asset. It’s engineered monetary policy.

比特币不仅仅是另一种资产。它是工程的货币政策。

> Fixed supply: Bitcoin’s 21 million cap creates built-in scarcity, unlike fiat or equity dilution.

>固定供应：比特币的2100万个帽子会产生内置的稀缺性，这与菲亚特或股权稀释不同。

> 24/7 liquidity.: Global, permissionless markets give companies access to real-time value.

> 24/7流动性：全球，无许可的市场使公司获得实时价值。

> Verifiability and portability: It’s digital capital that can’t be seized, censored, or inflated.

>可验证性和可移植性：是数字资本无法扣押，审查或膨胀。

> Asymmetric upside: Bitcoin has consistently outperformed every major asset class over multi-year cycles.

>不对称上行：比特币始终优于多年周期的每个主要资产类别。

More importantly, Bitcoin is narrative fuel. It communicates conviction, discipline, and macro-awareness—all of which modern investors are starving for.

更重要的是，比特币是叙事燃料。它传达了信念，纪律和宏观意识 - 现代投资者都饿死了。

The Components of a Successful Bitcoin Treasury Strategy

成功的比特币国库策略的组成部分

A Bitcoin treasury strategy isn’t just about buying Bitcoin. It’s about embedding it into capital structure and governance. That requires rigor.

比特币国库策略不仅仅是购买比特币。这是关于将其嵌入资本结构和治理中。这需要严格。

> Treasury governance: Establish internal guardrails on allocation, rebalancing, and reporting.

>国库治理：建立有关分配，重新平衡和报告的内部护栏。

> Secure custody: Choose institutional-grade solutions, with redundancy, auditability, and oversight.

>安全监护权：选择具有冗余，可调性和监督的机构解决方案。

> Capital deployment strategy: Some companies use cash. Others leverage equity, debt, or ATM programs.

>资本部署策略：一些公司使用现金。其他人则利用股权，债务或ATM计划。

> Market communication: The value of Bitcoin on your balance sheet rises with clarity, transparency, and frequency of investor communication.

>市场通信：比特币在资产负债表上的价值以清晰，透明度和投资者沟通频率上升。

Companies like Strategy (formerly MicroStrategy), Semler Scientific, and Metaplanet didn’t just buy Bitcoin. They built Bitcoin treasury frameworks—with real policies, investor alignment, and governance maturity.

像战略（以前为MicroStrategy），Semler Scientific和Metaplanet这样的公司不仅购买了比特币。他们建立了比特币国库框架，并具有真正的政策，投资者的一致性和治理成熟度。

How Bitcoin Reframes the Shareholder Relationship

比特币如何重塑股东关系

The Bitcoin treasury model isn’t just a liquidity play. It’s a credibility signal.

比特币国库模型不仅是流动性游戏。这是一个信誉信号。

> Narrative magnet: Bitcoin attracts attention—not just from retail investors, but from global institutions searching for proxy exposure.

>叙事磁铁：比特币引起了人们的关注 - 不仅仅是散户投资者，而是来自寻求代理风险的全球机构。

> Alignment lever: High-conviction shareholders reward companies that act decisively and transparently.

>对齐杠杆：高信股东奖励果断和透明行动的公司。

> Shareholder base upgrade: Bitcoin introduces long-term, ideologically aligned holders who are less reactive to short-term earnings noise.

>股东基础升级：比特币引入了长期，意识形态上一致的持有者，他们对短期收入噪声的反应较小。

Bitcoin gives stale stories new energy. And in capital markets, momentum is everything.

比特币提供了新的故事。在资本市场中，动力就是一切。

Execution: What It Takes to Make This Strategy Work

执行：使该策略起作用需要什么

Bitcoin is not a set-it-and-forget-it strategy. It requires:

比特币不是设置和验证的策略。它需要：

> Executive conviction: Most successful strategies are driven by founders, activist chairs, or tightly aligned boards—not committees.

>执行定罪：大多数成功的策略都是由创始人，激进主义者或紧密一致的董事会驱动的，而不是委员会。

> Discipline over hype: Volatility is part of the game. But the strategy must be built to endure it.

>宣传纪律：波动率是游戏的一部分。但是必须制定策略以忍受它。

> Clarity and timing: The best entries are paired with proactive shareholder education and public clarity—not reactive announcements.

>清晰度和时机：最佳条目与积极主动的股东教育和公众澄清配对，而不是反应性公告。

The most common failure mode? Buying Bitcoin high, with no treasury framework in place, then being forced to sell low when pressure mounts. That’s not a Bitcoin

最常见的故障模式？购买比特币高，没有国库框架，然后被迫在压力上销售低点。那不是比特币